新版国家医保药品目录、首版商保创新药目录将于2026年1月1日起执行。 复星医药相关负责人也告诉记者，此次公司的"芦沃美替尼片""盐酸替那帕诺片"这2款药物进入新版医 保目录。为了让患者尽早用上新增创新药，公司针对2款药物采取了不同的生产制造策略。 12月7日，《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》发布，新增114种药品（肿 瘤、心脑血管等为主），其中50种1类创新药，调整后目录内药品总数增至3253种；《商业健康保险创 新药品目录（2025年）》共纳入19种药品，其中5种为CAR-T药物。 "双目录"中各类新增创新药物的配备情况如何？还有哪些待完善？为此，第一财经采访了多家药企、药 店。 药企本土化生产 "此次我们有一款'替妥尤单抗n01注射液（商品名为信必敏）'进入新版国家医保药品目录。该药物也是 我国唯一经国家医保覆盖、能够逆转甲状腺突眼的无创靶向疗法，彻底解决甲状腺眼病患者对于靶向 化、无创化药物的所需。"信达生物制药集团副总裁李延寿表示。 该负责人进一步称，比如，为匹配医保落地后的市场需求，芦沃美替尼片在生产端采取了"原料储备、 弹性生产"的策略；短期委托CDMO（合同委托生 ...

Core Insights - The Chinese ETF market has experienced significant growth in 2025, with total market size increasing from 4 billion to 6 trillion yuan, representing a growth of over 60% within a year [1][4]. ETF Market Performance - The year 2025 has been characterized as the "era of ETFs," with a shift in investment habits towards index-based investments, moving from individual stock picking to a more diversified approach [4]. - The top-performing ETFs in 2025 were primarily in the technology and materials sectors, with seven ETFs achieving over 100% returns, particularly those related to communication and artificial intelligence [6][7]. - The communication sector saw significant growth, with leading companies like Zhongji Xuchuang and ZTE Corporation showing remarkable performance [7]. Sector Analysis - The materials sector, particularly non-ferrous metals, emerged as a strong performer in the second half of 2025, with an overall industry increase of 95.65% [7]. - The top-performing ETFs in the non-ferrous metals category also achieved over 100% returns, benefiting from the strong performance of individual stocks within the sector [7]. Fund Inflows and Growth - The broad-based ETFs, particularly those tracking the CSI 300 index, have been the main drivers of growth, with significant inflows into major funds like Huatai-PB and China Asset Management [8][10]. - The newly launched science and technology bond ETFs have gained traction, with a total scale reaching 257.66 billion yuan, marking a 269% increase from their initial issuance [9]. Underperforming Sectors - The food and beverage sector, particularly high-end liquor represented by Moutai, has struggled in 2025, with returns declining between -8% to -10% due to weak demand and falling prices [11]. - The Saudi ETFs, initially popular, faced significant declines after regulatory issues and market corrections, highlighting the volatility in certain segments of the ETF market [11]. Future Outlook - The ETF market in China is expected to continue evolving towards a more robust and diversified landscape, with improved investor experiences and regulatory frameworks anticipated for 2026 [12].

Core Viewpoint - The company, Anhui Huaren Health Pharmaceutical Co., Ltd., is actively expanding its presence in the pharmaceutical e-commerce and elderly health sectors, with significant growth in revenue and net profit reported for the recent fiscal period [2][8]. Group 1: Company Overview - Anhui Huaren Health Pharmaceutical Co., Ltd. was established on June 29, 2001, and is located at 123 A1 Building, Hebei Road, Hefei City, Anhui Province [7]. - The company primarily engages in pharmaceutical agency, retail, and terminal procurement, with its main business revenue composition being 97.60% from traditional Chinese and Western medicines and 2.40% from other supplementary products [7]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved an operating income of 3.892 billion yuan, representing a year-on-year growth of 19.06% [8]. - The net profit attributable to the parent company was 157 million yuan, reflecting a year-on-year increase of 45.21% [8]. - The company has distributed a total of 80.02 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Shareholder Information - As of September 30, 2025, the company had 20,100 shareholders, a decrease of 22.86% from the previous period, with an average of 7,422 circulating shares per person, an increase of 29.64% [8]. - Alibaba Health is the second-largest shareholder, holding 7.51% of the company's shares, and the company collaborates with various Alibaba platforms [3][4]. Group 4: Strategic Initiatives - The company is focusing on the elderly health sector by providing chronic disease training and services through pharmacies, aiming to enhance chronic disease management for seniors [2]. - It is developing a series of products targeting common health issues among the elderly, including cardiovascular, hypertension, and diabetes management products [2].

Core Viewpoint - The company, BeiGene, is a leading global innovator in cancer treatment, focusing on developing innovative anti-tumor drugs to enhance accessibility and affordability for cancer patients [2]. Financial Performance - For the period from January to September 2025, BeiGene achieved a revenue of 27.595 billion yuan, representing a year-on-year growth of 44.21% [7]. - The net profit attributable to the parent company was 1.139 billion yuan, showing a significant year-on-year increase of 130.88% [7]. - As of September 30, 2024, overseas revenue accounted for 62.85% of the total revenue, benefiting from the depreciation of the Chinese yuan [3]. Market Activity - On December 31, BeiGene's stock price decreased by 1.25%, with a trading volume of 358 million yuan and a turnover rate of 1.15%, resulting in a total market capitalization of 413.826 billion yuan [1]. - The main capital flow showed a net outflow of 54.6938 million yuan for the day, with a continuous reduction in main capital over the past three days [4][5]. Shareholder Information - As of September 30, 2025, the number of shareholders for BeiGene was 36,200, an increase of 55.33% compared to the previous period [7]. - The average number of tradable shares per shareholder was 3,195, which decreased by 35.79% from the previous period [7]. - Notable changes in institutional holdings include a decrease in shares held by major shareholders such as China Europe Medical Health Mixed A and a new entry by Hong Kong Central Clearing Limited [8]. Technical Analysis - The average trading cost of BeiGene's shares is 287.32 yuan, with recent reductions in holdings, although the pace of reduction has slowed [6]. - The current stock price is near a support level of 267.83 yuan, which is critical for potential rebound; a drop below this level may trigger a downward trend [6].

从全球研发的追随者，到新治疗格局的开创者，中国创新药正在完成一场深刻的蜕变。如今，中国创新 药管线与上市新药数量已占据全球总量的三分之一。巨变背后，是一批以长期主义为信仰、坚持创新的 本土生物医药企业。 康方生物正是这样的企业代表。它的故事，记录的不仅是一家企业的成长，更是中国创新药如何以技术 定力、战略耐性与全球视野，最终在全球前沿刻下中国坐标。在其不断向上攀登的历程中，广州不仅是 一个站点，更是支撑其快速产业化、链接临床资源、贯通创新链条的关键土壤。 01/ 双抗锋芒十年亮剑 2012年，夏瑜与几位同样拥有海外工作经历的好友，共同在广东中山创立了康方生物。当时，中国的创 新药产业正处于萌芽阶段。 两年之后，全球首个PD-1抑制剂上市。也正是在这一时期前后，海内外大量生物医药企业将研发力量 投入到PD-1领域。然而，初来乍到的康方生物却将目光聚焦在了当时少有人涉足的肿瘤免疫下一代产 品赛道——双抗，并在公司成立初期，就投入了巨大资源打造端对端全方位的药物开发平台（ACE）和 双特异性抗体开发技术平台（TETRABODY）技术。 这是一个技术上充满挑战的决定。与单靶点的PD-1不同的是，双抗药物是"一药双靶" ...

Group 1 - The core business of the company is traditional Chinese medicine, which has laid a solid foundation for its growth, with key products covering various medical terminals in China [2][3] - The company is expanding into the biopharmaceutical sector, with its investment in Zhejiang Teruisi Pharmaceutical Co., Ltd. entering a value realization phase, particularly with the ADC drug TRS005 receiving breakthrough therapy designation [1][5][7] - The company has launched a new innovative Chinese medicine product, Qingjiang Hewei Granules, which targets a complex condition with limited treatment options, potentially opening a market worth over 1 billion yuan [3][4] Group 2 - The biopharmaceutical market is experiencing significant growth, with ADCs being recognized as a promising platform product, projected to exceed $16.4 billion globally by 2026 [5] - The company has made strategic investments in the biopharmaceutical field, with Teruisi's TRS005 focusing on unmet clinical needs in non-Hodgkin lymphoma, marking a significant step in the company's transformation [6][7] - The company is also advancing in the chemical drug sector, with its independently developed raw material for an antihistamine drug receiving regulatory approval, indicating a strong market presence in a high-barrier segment [8][9] Group 3 - The company's dual-track strategy in chemical drugs, focusing on both raw materials and formulations, has been successfully implemented, enhancing its competitive position in the market [9][10] - The combination of traditional Chinese medicine, biopharmaceuticals, and chemical drugs creates a diversified growth strategy for the company, ensuring a more certain trajectory for future performance [10]

《科创板日报》12月31日讯（记者 史士云）2025年，科创板医药板块展现出更具说服力的市场叙事能力，也获得了资本市场的更多垂青。 数据显示，截至2025年12月26日，科创板医药板块上市的企业共有118家，其中98家企业的股价实现了年内的整体上涨，仅有不到20家企业（剔除近期上市 的新股）股价下跌。 从上市情况看，2025年科创板医药板块新增上市企业5家，而2024年为1家，另有包括汉诺医疗、信诺维、同心医疗等企业的科创板IPO也于近日获得受理。 此外，2025年，科创板生物医药企业IPO终止数量也显著下降，全年仅有天星医疗1家企业终止审核。而2024年同类企业终止数量超过10家。 相较于2024年市场的清冷，2025年的科创板生物医药板暖意已显。 ▌政策加持，年内新增5家生物医药企业 2025年6月18日，是一个再平凡不过的周四，但对于科创板而言，却迎来了市场改革的重要节点。 在当日召开的"2025陆家嘴论坛"上，中国证监会主席吴清宣布，证监会将推出进一步深化科创板改革"1+6"政策措施，包括设置科创板科创成长层，且重启 未盈利企业适用科创板第五套上市标准，以及面向优质科技企业试点IPO预先审阅机制等。同 ...

Core Insights - The performance of public funds in 2025 has been strong, with an average return of 31.25% across over 4,600 active equity funds, and more than 80 funds have doubled their net value this year [2][11] - The top-performing fund, Yongying Technology Select Mixed Fund, achieved a remarkable return of 239.78%, securing its position as the likely annual champion [1][12] - The focus on technology growth, particularly in AI-related sectors, remains a key investment theme for fund managers moving into 2026 [7][15] Fund Performance - As of December 30, 2025, 833 funds reported returns exceeding 50%, with over 80 funds achieving net value doubling [2][11] - The top funds with returns over 130% include: - Yongying Technology Select Mixed Fund: 239.78% - AVIC Opportunity Leading Mixed Fund: 176.65% - Hengyue Advantage Selected Mixed Fund: 153.31% - Hongtu Innovation Emerging Industry Mixed Fund: 153.27% [4][12] - The performance gap among the top ten funds is narrow, indicating potential volatility in final rankings [1][10] Investment Focus - Most top-performing funds have heavily invested in AI-related technology stocks, which have driven their net values significantly higher [6][14] - Fund managers express optimism about the technology sector, particularly AI, as a transformative investment opportunity that aligns with societal and economic trends [7][15] - The AI industry is expected to continue its growth, expanding into various sectors such as storage, AI edge computing, and energy storage [8][16] Future Outlook - Fund managers anticipate that the AI infrastructure development cycle will persist into 2026, providing ongoing growth opportunities for related companies [17] - There is a focus on sectors with long-term growth potential, including solid-state batteries, robotics, and innovative pharmaceuticals, as they approach commercialization [8][16]

Core Insights - The Chinese biopharmaceutical industry has significantly advanced over the past decade, surpassing India in innovation and drug development, particularly in areas like Antibody-Drug Conjugates (ADC) [1][2] - The transformation of China's pharmaceutical sector began around 2015, marked by regulatory reforms that stimulated innovation and accelerated drug approval processes [3][4] Company Development - The company, founded by Dr. Luo Shun, has grown alongside the Chinese pharmaceutical industry, filling gaps in the market such as the production of serum-free cell culture media [2][4] - The establishment of the Ginspire platform focuses on the early research of biopharmaceuticals, leveraging AI and advanced technologies to enhance drug development efficiency [5] Market Position and Growth - The company has developed a robust CDMO (Contract Development and Manufacturing Organization) business, particularly in the ADC sector, which is expected to be a key growth area in the next 5 to 10 years [6][8] - The CDMO business has shown resilience, with a projected revenue growth of nearly 30% in 2024, despite industry challenges [8][10] International Expansion - The company is pursuing a dual-path international strategy, establishing a presence in markets such as Europe, Australia, and Southeast Asia, while also expanding production capacity abroad [12] - The company aims to meet international regulatory standards, including those from the EMA and FDA, to facilitate the approval of biopharmaceuticals [12][13] Competitive Landscape - The company emphasizes the importance of innovation and efficiency in maintaining competitiveness amid intense price competition in the Chinese pharmaceutical market [13] - The company has received various accolades, including recognition as a unicorn enterprise and a high-tech enterprise, reflecting its strong market position and capabilities [9]

Core Viewpoint - The year 2025 marks a structural bull market, with significant gains in major indices, including an 18.36% increase in the CSI 300 and a 51.47% rise in the ChiNext Index, both representing the largest annual gains since 2020. The total trading volume of A-shares exceeded 400 trillion yuan, setting a historical record [1]. Monthly Key Events - January-February: AI models driven by DeepSeek and humanoid robot performances during the Spring Festival gained attention [4]. - March: Recovery in consumer scenarios boosted retail and catering sectors [4]. - April: U.S. tariffs led to increased interest in gold, agriculture, and undervalued blue-chip stocks [4]. - May: The May Day consumption peak activated the consumption and logistics sectors [4]. - June: Military parades and geopolitical tensions strengthened the military industry, while green building policies positively impacted related sectors [4]. - July: The commercial launch of humanoid robots and surging demand for AI computing power boosted related stocks [4]. - August: Support policies for synthetic biology spurred interest in beauty and pharmaceutical sectors [4]. - September: Accelerated industrialization of solid-state batteries led to valuation recovery in the new energy sector [4]. - October-November: Recovery in storage chip prices initiated an industry cycle reversal, benefiting the semiconductor sector [4]. - December: The official launch of the Hainan Free Trade Port and the issuance of L3 autonomous driving permits led to increased activity in local stocks and related technologies [4]. Industry Performance - The mining, hardware, industrial trade, and comprehensive sectors saw annual gains exceeding 60% [5]. - The top three investment themes in 2025 were innovative drugs, AI, and robotics, with gold also performing exceptionally well due to a weaker dollar [6][9]. Investment Highlights - Innovative drugs experienced a valuation reshaping driven by policy support and industry upgrades, with the Hang Seng Biotechnology Index rising 70.02% [7]. - The AI sector exploded following the introduction of DeepSeek, with significant growth in demand for chips and computing power [8]. - The robotics sector gained momentum with increased policy support and the emergence of domestic giants [9]. Fund Performance - 华夏基金 (China Asset Management) achieved notable success in various fund categories, continuing its strong performance from 2023 [10]. - The 华夏北交所创新中小企业精选两年定开 fund recorded a return of 270.61% over three years, with a 75.28% return in 2025 [11]. - The 华夏数字产业混合 fund saw a 126.46% increase in 2025, benefiting from the structural bull market in the AI sector [9]. ETF Market Growth - The ETF market in China reached 6.03 trillion yuan by the end of 2025, a 60% increase from the beginning of the year, with 1,381 ETFs available [15]. - 华夏基金 played a significant role in the growth of the ETF market through innovative tools and reports aimed at enhancing investor experience [16][17]. Strategic Evolution - 华夏基金 has transitioned from "managing assets" to "defining assets," focusing on a multi-asset approach to meet diverse investor needs in the era of inclusive finance [18][19].